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BAIC to unveil better nonbinding Opel offer--paper

Thu Jul 2, 2009 3:53pm EDT

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FRANKFURT, July 2 (Reuters) - Chinese state-owned automaker Beijing Automotive (BAIC) will unveil an improved nonbinding offer for German carmaker Opel on Friday, a newspaper reported on Thursday.

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The Frankfurter Allgemeine Zeitung cited sources close to BAIC for its story, released in the Internet version of the paper ahead of publication on Friday.

BAIC declined to comment earlier on Thursday on reports it was going to submit a bid in the coming days.

Reuters reported earlier on Thursday that the board of directors of Canada's Magna International Inc (MGa.TO), a rival bidder, was due to approve its plan for the acquisition of Opel on Tuesday.

Two sources familiar with the matter told Reuters the Canadian auto parts supplier and Opel parent General Motors Corp GMGMQ.PK had already clarified most of the major issues in weeks of tough negotiations and they expect to resolve the last few issues holding up the takeover by July 7. [ID:nL2541989] (Reporting by Jonathan Gould; editing by Andre Grenon)

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